Every year, more and more U.S. citizens are moving south to Costa Rica.

​Of course, the sunshine, natural beauty, and laid-back vibe are all big factors that pull them to the land of pura vida.

​But, there are other factors in the United States that are pushing them south, and the stark reality of the economy - especially for retirees - is front and center among them.

The economy? Isn't it booming, with record stock prices, a hot housing market, and low unemployment. Yes. Sort of. For some people. For now.

However, the economic prognosis is not quite as rosy if we look big picture and long term, especially with the Baby Boomers leaving the workforce and entering their senior years at a rate of at least 10,000 per day through 2030!

So, today I wanted to bring in respected financial guru Jason Matthews, who was willing to share a few facts, stats, and analysis from his new book, The Age of $elf Reliance.

After seeing these, you'll realize that moving to Costa Rica may not just be about a better quality of life, but a financial necessity for many people.

-NormThe Official Expat

Excerpts from The Age of $elf Reliance by financial guru Jason Matthews:

I see the next financial downturn coming, again.

They called the Great Recession of 2008 a “once in a century” disaster but I believe that this next economic downturn will be even more disastrous than the last, ruining more lives and lasting far longer – a new American Depression, even.

This “new reality” is hitting a lot of people like a slap in the face or a punch in the gut. What is that new reality?

Quite simply, we’re spending more than we earn!

• 52% of Americans are spending more than they earn every month.• 21% have regular monthly expenses that exceed their income.• In fact, the average American spends $1.33 for every dollar earned.• And 1 in 4 Americans has more debt than savings!

But the real fundamental reason why things will get harder and harder for the average American over the next twenty years is one that's not often talked about: our rapidly aging population.

In fact, Baby Boomers make up about 22.9% of our entire population, which is more than any other generation except for Millennials (24.5%). Remember, too, that there are another approximately 30 million Americans 70 years old plus, or 9.3% of our population.

Add them up and we’re looking at about 106 million Americans, or almost 35% of our entire population (well over one in three) that’s 52 and older!

Why is our aging population such a problem?

Guess what these ten thousand new seniors every day do on their 65th birthdays? They apply for Social Security (that can start at 62, actually), Medicare and Medicaid. So, instead of 100 million Americans paying into our system, paying taxes, etc., they'll suddenly stop contributing and start withdrawing funds.

• As of 2017, the average American’s Social Security retirement benefit is only $1,363 per month, or $16,356 per year. But 43% of single retirees are counting on Social Security to cover 90% or more of their post-employment income.

• 31% – nearly one-third- of all non-retired adults have no retirement savings or pension at all. This isn’t just a post- Great Recession hangover, as that’s the same number that had zero retirement savings in 2017 as 2014.

• Of all non-retired adults ages 60 or older who are still working, about 14% still have nothing at all saved for retirement.The shift in economic reality affects far more than our savings and retirement.

• Medical debt is choking us, too, as 60% of U.S. bankruptcies see medical bills as a significant factor for the financial insolvency.• About 22% of Americans surveyed say that they have had an unexpected medical expense in the last year, which cost them $2,000 to $3,000 out of pocket.

As our population ages significantly and tens of thousands of Baby Boomers reach 65 every single day in the U.S, the healthcare burden is affecting Americans like never before—and will continue to grow more profound.

-Jason Matthews***​Can you now see why I brought Jason Matthews on board for this guest blog about the financial reality that will send some many retirees to live in Costa Rica?